Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Ford, Navistar reach settlement
Reuters / April 14, 2003
CHICAGO -- Truck and diesel engine maker Navistar International Corp. said it has reached a settlement with Ford Motor Co. over the automaker's decision to cancel a V-6 diesel engine contract.
Financial terms were not disclosed.
Navistar, in an 8-K filing with the Securities and Exchange Commission, said the agreement includes "appropriate recovery of excess costs" for a plant Navistar built to make the engines. Both parties are released from their obligations under the contract.
Navistar said the settlement would not materially affect its financial outlook.
The company, based outside Chicago in Warrenville, Ill., had said in February that it expected to record a fiscal second-quarter loss of 25 cents to 30 cents a share, assuming it reached a "favorable" agreement with Ford.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....